The Motley Fool Discussion Boards

Previous Page

Personal Finances / Credit Cards and Consumer Debt

URL:  http://boards.fool.com/my-son-will-be-going-away-to-college-in-august-25644560.aspx

Subject:  Re: Credit Card for College Freshman Date:  7/2/2007  4:19 PM
Author:  kahunacfa Number:  255128 of 308475

My son will be going away to college in August.
He is 18. Just graduated from High School yesterday.
He is a responsible kid.
I am thinking of adding his name to the credit card account with my wife and I.Then, he would have his own card, but all 3 of us would be on the account.
I am asking if others have done this and if it is a good idea.
I trust him, but my only fear is that he will lose the card.

The whole deal is this: he need some money for day to day expenses. Is there another way to do this that makes more sense?

I gues we could give him a few hundred dollars cash we he leaves, and maybe wire him some cash every couple of months.

I just don't know the best way to handle this money situation.
- bigdan195 | Date: 5/27/07 7:53 PM | Number: 253666

The best way to handle the situation is for your son to get his own credit card. That way he will build his own credit history.

Kahuna,CFA


Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us